MANGO(SZ:300413) Huaan Securities·2025-05-16 06:48Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 14.08 billion yuan in 2024, a year-on-year decrease of 3.75%, with a net profit of 1.364 billion yuan, down 61.63% year-on-year, primarily due to changes in corporate income tax policies [5][6] - The company maintains a stable leading position in the variety show market, launching 160 variety shows in 2024, with 40% being innovative shows, and holding 5 out of the top 10 spots in online variety show views [7] - The company’s membership numbers and revenue reached new highs, with 73.31 million members and membership revenue of 5.148 billion yuan, a year-on-year increase of 19.3% [8] - The company is leveraging AI technology for content creation, with a rich project reserve including various content categories [9] - Revenue projections for 2025-2027 are 14.92 billion, 16.00 billion, and 17.29 billion yuan respectively, with net profits expected to be 1.824 billion, 2.125 billion, and 2.412 billion yuan [11] Financial Performance - In Q1 2025, the company reported a revenue of 2.9 billion yuan, a year-on-year decrease of 12.76%, and a net profit of 379 million yuan, down 19.80% year-on-year [6] - The company’s net profit margin for 2024 was 9.7%, with a gross margin of 29.0% [5] - The company’s financial indicators for 2024 include a return on equity (ROE) of 6.1% and earnings per share (EPS) of 0.73 yuan [13][15]